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It was another busy year for operations compliance. During 2017,
- There was political infighting between federal agencies and the beginning and end of a CFPB regulation restricting mandatory arbitration.
- The CFPB’s first Director stepped down, leaving his Deputy Director and a White House appointee to squabble over the acting directorship of the agency;
- There were civil money penalties assessed for billing practices related to add-on products and services; several personal civil money penalties for unsafe or unsound practices related to operations; revisions to the Call Report; a proposal to update an overdraft-related disclosure; changes from Federal Reserve Bank Services.
- Plus, there were some significant BSA/AML penalties imposed; the usual collection of OFAC announcements of sanctions program and SDN List changes; OFAC violations and settlements; guidance from FinCEN; more emphasis on faster payments, including activation of Phase 2 of Same Day ACH; and more geographically targeted orders (GTOs).
- Early savings bond redemptions were authorized and extended for multiple disaster areas following storms and wildfires.
- The Government Accountability Office took issue with agencies that regulate with guidance in lieu of using regulations that require proposals and comment periods.
- The Fed finally issued some changes to Reg. CC (but not enough).
- And, of course, there was that inconvenient data breach at Equifax.
We’ll hit all the highlights during this fast review of the year’s operations compliance issues, and tell you where to find more information on developments you may have missed during the year. We’ll also include significant developments that have unfolded so far in 2018.
- What’s different that you need to be watching?
- Where should you focus your attention during 2018?
Find out about the changes that may have slipped through the cracks, or sit back in comfort, knowing that you’ve covered all the bases and are prepared to take on the coming year’s inevitable challenges as the Bureau continues to put its stamp on consumer compliance concerns.
Upon completion of the program participants will understand:
- UDAP and UDAAP in the operations area – significant enforcement actions;
- Latest developments on the Bureau’s new Prepaid Accounts rule;
- Overdraft protection – very much still an issue;
- A reminder: What you should be doing (or not) about annual privacy notices;
- What you need to know about the changes in OFAC’s Cuba sanctions;
- Regulatory emphasis on complaint policies and resolution;
- Cyber-attacks on ATMs and card authorization systems;
- The data breach that EVERONE is still talking about;
- Third-party payment processors;
- Operations-related changes to OCC’s Comptroller’s Handbook;
- What the Fed’s changes to Regulation D mean for you;
- The “Volcker rule” on interchange fees – What’s the latest;
- Examination hot buttons;
- The Fed’s changes to Reg. CC – not even half a loaf;
- Same-day ACH settlement – Phase 3 is in operation;
- BSA/AML developments;
- and more.
The recording is designed for operations officers, compliance officers, operations support staff and auditors.
John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.